The Singapore Power Group (SP) has initiated a marketplace, powered by blockchain, for renewable energy certificates (RECs).
In a statement, the utilities provider said the blockchain-based platform, which was unveiled at the ASEAN Energy Business Forum, will help SP increase transparency and efficiency in its processes in REC transactions.
Samuel Tan, chief digital officer at SP, said, “Through blockchain technology, we enable companies to trade in renewable energy certificates conveniently, seamlessly and securely, helping them achieve greener business operations and meet their sustainability targets.”
The new trading system will enable various organizations trade in RECs, which are considered tradable, non-tangible energy commodities. According to information on the U.S. Environmental Protection Agency (EPA), “RECs are issued when one megawatt-hour (MWh) of electricity is generated and delivered to the electricity grid from a renewable energy resource.”
SP’s blockchain-powered marketplace will support local, regional and international RECs, as well as different supply options such as types of sellers and renewable energy sources.
The platform will match buyers and sellers automatically according to their preferences, helping companies achieve their sustainability targets, according to the utilities provider. So far, SP has already signed its first contracts with City Developments Limited (CDL) and DBC Bank (DBS), while solar developers including Cleantech Solar Asia, LYS Energy Solutions and Katoen Natie Singapore have also agreed to place their solar assets on the SP marketplace for sale of RECs.
With its blockchain-powered marketplace, SP hopes to help big and small organizations achieve their green targets while also strengthening cross-border sustainability efforts.
This is not the first time Singapore involving itself in blockchain-powered energy solutions. Early this month, a decentralized peer-to-peer electricity network that would allow its users to produced and trade renewable energy was announced by SkyLedger. States like Nevada are also involved in blockchain powered energy. The Public Utilities Commission of Nevada announced earlier this month that it will be implementing the blockchain in its energy credit tracking system.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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The Malaysian government is seeking to utilize blockchain to increase transparency, sustainability and logistical efficiency of its three largest industries—renewable energy, palm oil, and Islamic finance.
According to reports, the government has appointed a task force named the Malaysian Industry-Government Group for High Technology (MIGHT) to oversee the blockchain adoption. Mastura Ishak, program director at MIGHT, told GovInsider: “Blockchain is interesting because it allows small players to have a say about what’s going on.”
The Malaysian government believes that adopting blockchain in the renewable energy industry will help bring new players to the table and increase energy production in the country. Currently, Tenaga Nasional Berhad (TNB) is the only utility provider in the country.
The new project will allow private solar panel owners to sell any excess electricity they have. In the new system, electricity sellers will be required to state how they are generating their electricity, while consumers will have the choice of deciding which sources of electricity they would like to use.
By allowing private solar panel owners to sell their surplus electricity, the country will also save up on the electricity lost during long-distance distribution.
For the palm oil industry, the Malaysian government hopes blockchain will help bring major changes that will improve the country’s economy. Palm oil is Malaysia’s biggest export, accounting for about 43.1% of the country’s agricultural income.
Palm oil has been facing problems for quite some time now. This happened after reports emerged associating the industry with bad practices and child labor. MIGHT believes blockchain adoption can help identify certified palm oil operations which will help eliminate illegal operations. The government will also be able to monitor and regulate the operations.
Finally, there’s Islamic finance. Islamic laws state that money has to be based on real commodity and cannot be created from more money. The strict nature of Islamic laws have caused high overhead costs on the industry, which is reflected in the country’s economy. The government is looking at how they can offset these costs while also adhering to Sharia laws. Blockchain and the adoption of smart contracts could help offset some of these costs.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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